Author: naman

The Date to File Federal Taxes is Postponed Due to Covid-19

The Covid-19 pandemic has caused a lot of upheaval in our lives, including financially. Many people have been laid off from their jobs or had to reduce their hours. Businesses are struggling. On top of all that, it is nearly April 15th, the usual deadline to file your taxes. Thankfully, the Internal Revenue Service (IRS) has given us a bit of a reprieve during this uncertain time. The federal tax deadline has been postponed to July 15th to accommodate the many individuals and businesses that need more time to file their tax returns. We know there are many questions...

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Navigating the Federal and NY Estate Tax Limits [2020]

If you have accrued an amount of wealth that is part of your estate, taxes may have to be taken from it when it gets passed down to your beneficiaries. This is known as the estate tax, otherwise nicknamed ‘the death tax.’. However, there are some ways to avoid paying taxes on portions of your estate. One of the simplest ways to do so is to designate some of your money as gifts, such as to your children or to an institution. The federal government and your state government may have differing rules over how large your estate has...

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The Qualified Business Income Deduction Explained [2020]

Part of the 2017 Tax Cuts and Jobs Act is something called a Qualified Business Income tax deduction (QBI). A tax deduction sounds good, but who exactly is qualified for this particular deduction and how big of a deduction is it? Read on to learn how you may or may not benefit from this clause in the Tax Cuts and Jobs Act. Who Qualifies for the Qualified Business Income Deduction? The QBI was designed to benefit business owners of pass-through entities who are sole proprietors of their business. Sole proprietors do not have businesses big enough to receive the...

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How You Can Benefit From the Section 179 Deduction Tax Benefit [2019]

Small businesses are important for the economy of the country and they provide healthy competition within an industry. However, running a small business has many challenges, one of which is financial. It’s expensive to successfully run a business, and part of that expense is the purchasing of necessary equipment and property. In an effort to encourage small businesses to invest in themselves, the section 179 deduction was created, and then expanded by the Tax Cuts and Jobs Act of 2017 (TCJA).  So what is this deduction and how can your business benefit from it? What is the Section 179...

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Why the 2019 and 2020 Raises to the Contribution Limit for Retirement Accounts are Important for Your Financial Future

  Planning for retirement is one of the most important things you can do with your earnings, and many employees (and their employers) can contribute to retirement funds like 401(k)s and 403(b)s. However, contributions have limitations that sometimes undergo changes. In the past two Novembers, the IRS made some important raises to the contribution limit of retirement accounts for 2019 and 2020.  These changes include:  401(k) and 403(b) contribution limits were raised to $19,000 in 2019 and $19,500 in 2020.  Catch-up contributions for those over the age of 50 were raised to $6,000 in 2019 and $6,500 in 2020....

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